Robinhood Markets (NASDAQ:HOOD) Trading Up 6.2% Following Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD)’s share price was up 6.2% during trading on Friday after Citigroup raised their price target on the stock from $19.00 to $23.00. Citigroup currently has a neutral rating on the stock. Robinhood Markets traded as high as $23.90 and last traded at $23.83. Approximately 13,517,886 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 15,535,676 shares. The stock had previously closed at $22.43.

A number of other equities analysts also recently commented on HOOD. Bank of America raised their price objective on Robinhood Markets from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Barclays upgraded Robinhood Markets from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Friday, September 6th. Wolfe Research upgraded Robinhood Markets from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a report on Wednesday, June 26th. Piper Sandler raised their target price on Robinhood Markets from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, September 19th. Finally, Morgan Stanley raised their target price on Robinhood Markets from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Robinhood Markets presently has a consensus rating of “Hold” and a consensus price target of $23.43.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $22.80, for a total transaction of $285,000.00. Following the completion of the sale, the insider now owns 956,247 shares in the company, valued at approximately $21,802,431.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $22.80, for a total transaction of $285,000.00. Following the completion of the sale, the insider now owns 956,247 shares in the company, valued at approximately $21,802,431.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Baiju Bhatt sold 120,236 shares of Robinhood Markets stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $22.20, for a total value of $2,669,239.20. The disclosure for this sale can be found here. Insiders sold a total of 1,204,096 shares of company stock worth $23,603,793 in the last 90 days. 19.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. ORG Partners LLC acquired a new position in shares of Robinhood Markets in the 2nd quarter worth approximately $33,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Robinhood Markets in the 1st quarter worth approximately $34,000. International Assets Investment Management LLC acquired a new position in shares of Robinhood Markets in the 2nd quarter worth approximately $40,000. Opal Wealth Advisors LLC acquired a new position in shares of Robinhood Markets in the 2nd quarter worth approximately $45,000. Finally, PNC Financial Services Group Inc. boosted its position in Robinhood Markets by 46.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,275 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

Robinhood Markets Trading Up 6.5 %

The firm has a market cap of $21.00 billion, a price-to-earnings ratio of 159.27 and a beta of 1.82. The stock has a 50-day moving average of $20.49 and a 200-day moving average of $20.19.

Robinhood Markets (NASDAQ:HOOD) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. Robinhood Markets had a return on equity of 4.25% and a net margin of 12.96%. The business had revenue of $682.00 million during the quarter, compared to analyst estimates of $640.39 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, research analysts expect that Robinhood Markets, Inc. will post 0.76 earnings per share for the current fiscal year.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.